Shares of ACM Research, Inc. (ACMR) dropped 15% on Thursday morning after the semiconductor equipment supplier reported a sharp decline in fourth-quarter profit despite higher revenue.
The stock is currently trading at $58.15, down $10.32 or 15.07%, on the Nasdaq. The stock opened at $62.41 after closing Wednesday at $68.47. The stock has traded between $16.82 and $71.65 in the past 52-week period.
ACM Research reported fourth quarter net income of $8.05 million, or $0.11 per share, down from $31.08 million, or $0.46 per share, a year earlier. Adjusted earnings were $0.25 per share, while revenue rose 9.4% to $244.43 million.
Separately, the company said it secured multiple advanced packaging equipment orders from global semiconductor and technology customers across Singapore, North America and other regions, with deliveries scheduled through 2026.
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